Travel for tomorrow: the Group strategy

The Group strategy consists of ensuring growth in cash flow from increased sales by passenger and by vehicle, the expansion of operations in the regions and channels of activity, ongoing improvement of the services and products offered to customers and the penetration of new and promising markets in terms of potential of demographic growth and traffic.

The key elements that recap the Group performance are the growth strategy, cash flow generation and the size and time horizon of the concession portfolio. These objectives are pursued through ongoing innovation of products, services and concepts offered to meet the changing needs of customers and landlords.

In the Food & Beverage segment a great deal of attention is dedicated to innovating concepts and a steady monitoring of the partner brands in order to include increasingly innovative and profitable brands in the Group portfolio. With regard to airports and railway stations, in addition to consolidating the already attained results, a growth strategy will be implemented both in the countries in which the Group already operates and in the emerging ones. With regard to highways, the commitment will be more selective and targeted, considering the limited potential of development of this channel in the developed countries and the high investments necessary to penetrate new markets.

As to the Travel Retail & Duty-Free, the Group aims at constantly developing sales techniques both through its own sales formats by product category and through the establishment of collaborations with key luxury brands, in order to be in a position of applying the best practices of each product category to the airport channel. Thanks to the commercial results obtained and the cost synergies pursued and in the process of realization as a result of the integration process of the companies acquired in the segment, the Group believes it possible to consolidate the improvement already attained with regard to its profitability and sustain the development in new countries characterized by attractive growth prospects.

In both segments of activity, growth objectives will also be supported through a streamlined organization and leaner corporate processes, along with improved operating efficiency and investments.

A well-balanced financial structure is an essential condition for achieving organic growth objectives. Growth opportunities by external lines will be selectively valuated both from an industrial perspective — and congruence in terms of geographical presence and channel — and from the standpoint of financial sustainability. They shall then be implemented based on criteria that ensure the possibility of maintaining a financial structure consistent with the activities already performed and with the needs of the Group and its stakeholders.